All Forum Posts by: Joshua M Cummings

@Andrew Syrios

That makes sense. I know that a standard FHA is generally easy to get access to, I just wasn't sure how common a 203k was.

I am apart of the ACREIA so I'll have to ask at the next monthly meeting. Thanks Andrew!

Hey Everyone!

This is my first post on BP in a while. The past few months I have been focusing on wholesaling in the Summit County area, working on building up a list from driving for dollars and looking for FSBOs from different sources. 

In the event that I locate a property I would like to purchase myself (still saving up from purchasing my primary residence) and follow some rendition of the BRRRR method, what are some good loan options for doing that? I've seen some people say construction loans, FHA 203(k) loans.... If both/either of these work, any recommendations on lenders that are good to work with for this type of project?

I know private money is a preferred method at times, and I intend to use it, I'm still working on building my network to find private money that has enough capital to fund a deal + rehab.

I appreciate any help!

Sincerely,

Josh

Originally posted by @Bradley Padula:

Hey @Cameron Johnson serious answer get off this forum post and call 10+ banks and find out. I got a loan before I graduated college several years ago with my job offer letter. Different banks have different policies. Find one that will work for your situation

 

Hey @Cameron Johnson going off what Bradley said, I am in college right now and have been working towards getting preapproved so that once I graduate in May, I'll be ready to hit the ground running. I have called 3-4 banks, 2 of which said that once I accept a full-time offer, they'll use that to lower my debt to income ratio and get me preapproved. So definitely just call around and see who can offer the best rates.

Hi Everyone!

My name is Josh and I am approaching my final semester at The University of Akron, where I have been pursuing my degree in mechanical engineering. I have spent the past 3-4 years learning more and more about real estate investing (reading books, blogs, listening to podcasts, going to local meet ups, analyzing deals, etc.) with the plan that once I graduate this May of '21, I will enter the REI world.

I was reaching out in hopes to connect with a mentor. Someone who is well versed and experienced in real estate investing, with ideally several rentals or flips, located somewhere in the Akron or Cleveland area. Though I am not a carpenter by any means, I am a hard worker, fast learner, and can offer several hours a week to aid in any type of demolition or maintenance for free, provided instruction. In return, I hope to expand my network and learn as much as I can about owning REI properties, so that once I graduate I will be even closer to my dream purchasing my first property.

Also, I'm sure posts like this are created all the time with little follow from the person who posts it because it was just a "spur of the moment" decision he or she made. But I can guarantee I am 100% committed to learning and helping someone if the opportunity arises.

Thank you,

Josh Cummings

@Alison Wise That was a ton of great advice, thanks so much for taking the time to respond!!

So becoming a loan signing agent, I actually did use the NNA course and it was a little dry but had a lot of helpful information to it. From everything I gathered it was a fundamental course to take, which seems like that is holding true.

I definitely need to become well-versed in Ohio Notary Laws, as they are no doubt important to the entire process, especially to avoid any type of legal trouble. Sticking aside some time each week should help out with this, I just need to commit to it.

Also, I first heard about Mark's Loan Signing program before becoming an agent, but I found so many back and fourth reviews on the program that I figured I would do with the NNA course first. Hearing another good review from you definitely temps me to check it out in the future though.

Hopefully soon I can register in an abundance of some databases and signing services! I'm still slightly nervous about getting started because I feel that I don't know enough to do a signing by myself. With more studying/reviewing of the material I already have and using some more online sources, I definitely know I'll be ready soon!

I'll update as I move along in the process as well.

Thanks again Alison for taking the time to give me such sound advice. I really do appreciate it!

Hey BP Users,

So I have just went through the entire process and recently became a Loan Signing Agent in Ohio. Finally! I'm still in college so I saw this is a good opportunity to make good pay on super flexible hours, to help save up for a down payment on my first property after I graduate. I have yet to do my first signing, but I'm hoping to get a few under my belt before the end of this month. 

I was just curious if any other members have gone down the loan signing path, and if so, if you had any helpful tips to have a successful part time gig? 

I figured at the very least it would help me have a better understanding of the loan signing/home buying process.

Thanks!

Josh Cummings

Originally posted by @Kody Thompson:

You might need to look at getting a cosigner if you havent been working through college to validate your income. Another option would be seller financing while you house hack the property then use the income to refinance with a smaller community bank. 

Hope that helps.

I have been on several paid internships through the college and I am currently trying to become an NSA as a part-time gig, so hopefully the combination of these two will be enough. If not, a cosigner is definitely an option. 

Thanks Kody

Hi BP Community, 

I've been pretty quiet on here so far, spending more time looking at information that has already been put out there as I know there is a TON. 

I'm graduating from college in May of 2021 with the plan of obtain a small multifamily (2-4 units) as my first real estate purchase using either and FHA or Conventional Loan. My exact location will depend on job placement, but somewhere between the Akron/Cleveland region.

If anyone has any tips on investing in multifamily in this particular region (or any region for that matter) feel free to share! Also, I have been doing research on quality local real estate agents to help me with my search. I have reached out to a few, with some not calling back/following up. If you know of any agents that have knowledge in smaller multi-families in my area, feel free to share as I keep looking myself.

Sincerely,

Josh

Taylor L., I appreciate the advice! I have definitely been slacking the networking world. I went to a few local meet ups but have prioritized my time the way that I should be to make more of them. It seems like everyone says this decade of my life will go quick, so I believe you 100%. I plan on setting a goal of where I want to be financially by the time I'm 30 to really help guide me in the RE journey. Thanks again for the help. I've been taking note of who I have been hanging around as well and so far it has been the right crowd. Josh Cummings

Kyle, It's awesome to see you're actually researching and reading the books they talk about on BP! Some books have really helped me out are: Relentless by Tim Grover Tools of Titans by Tim Ferriss Every Landlord's Legal Guide by NOLO (a snoozer but has a ton of important info for RE) In the near future, looking to order -> Can't Hurt Me by David Goggins It seems like the biggest decider of success in real estate pertains to mindset (based on what guests of BP Podcasts say). Thus, the importance of reading books that help us grow mentally. Hope this helps! Best wishes Josh Cummings